Economics Quiz

What is the basic concept of economics?

• The study of choices people make to satisfy their wants and needs

• The study of how goods and services are produced, distributed, and consumed

• The study of unlimited wants and needs

• The study of limited resources

What is the difference between a want and a need?

• A want is something people desire, while a need is something people must have

• A want is a physical product, while a need is an action provided to us

• A want can be held or touched, while a need cannot

• A want is fulfilled with limited resources, while a need is fulfilled with unlimited resources

What are resources in economics?

• Anything used to get or create goods and services

• Natural resources from the land

• Money, buildings, and machines used to produce goods and services

• Workers who produce goods and services

What is scarcity in economics?

• Having a limited supply of resources to meet the needs and wants of society

• Having unlimited resources to meet the needs and wants of society

• Having equal distribution of resources to meet the needs and wants of society

• Having no resources to meet the needs and wants of society

What are the three basic economic questions?

• What should be produced, how will it be produced, and who will use it

• What should be consumed, how will it be consumed, and who will consume it

• What should be distributed, how will it be distributed, and who will distribute it

• What should be created, how will it be created, and who will create it

What is the purpose of studying economics?

• To understand the effects of economic decisions on people and the economy

• To fulfill unlimited wants and needs with limited resources

• To create goods and services that people want to buy

• To make hard decisions about resource allocation

What is the definition of a good in economics?

• A physical product that can be held and touched

• An action provided to us that cannot be held or touched

• A resource used to get or create goods and services

• A limited supply of resources to meet the needs and wants of society

What is the definition of a service in economics?

• An action provided to us that cannot be held or touched

• A physical product that can be held and touched

• A resource used to get or create goods and services

• A limited supply of resources to meet the needs and wants of society

What drives economic decisions in society?

• Scarcity

• Unlimited resources

• Equal distribution of resources

• Unlimited wants and needs